The first three years of going it alone in the small business world can be the hardest.
The first three years of going it alone in the small business world can be the hardest.
According to Colin Borland from the Federation of Small Businesses Scotland, "businesses are most vulnerable until they get established".
One Scottish entrepreneur who knows all too well about the difficulties associated with starting up a business is Yvonne MacFarlane.
She opened Damselfly with business partner Anni Kennedy on Ruthven Lane off Byres Road in Glasgow, two years ago.
"The combined cost of rent and rates on Ruthven Lane forced us out," she said. "The location also meant that we didn't get much passing trade, so we joined forces with another small business called Templiers, owned by Mari Jack, and relocated to new premises.
"We decided to combine under one roof and split the rent to save money. Both businesses complement each other and the concept works both financially and commercially."
Today, Damselfly and The Queen Bee on Great Western Road is an Aladdin's cave of keepsakes, sparkling gems and other delights. One half of the boutique is dedicated to Damselfly crafts and the other half stocks The Queen Bee range of gifts and trinkets.
"Since we moved in June, business has certainly got better," Ms MacFarlane said. "It's hard running a small business due to the unpredictably of the public, competition from the big name stores and the cost associated with all the outgoings.
"As a small business, you have to offer something unique and unusual, that's why we source stock from places no one else does, but we have to be careful not to over extend our budget."
Despite the upheaval of moving her business, Ms MacFarlane is enthusiastic about her venture.
"People love the shop and we are now doing workshops, children's parties and craft evenings in customers homes," she said. "There are so many benefits to running your own business - not only do get to be your own boss, but the flexibility allows you to be more creative with your ideas."
